For Tata Communications (TCom), we expect gradual growth recovery and YoY growth in revenues after three quarters of decline, despite seasonally weak quarter wherein usage based revenues are lower due to holidays. The data revenue is expected to grow 2% QoQ (up 2.5% YoY) at | 3203 crore. The voice revenues would continue to remain weak with 5% QoQ (14.7% YoY decline) decline at | 575 crore. The overall revenue is expected to grow 1% QoQ at | 4215 crore. Data segment margins are expected at 31% (down 240 bps QoQ as it had one-off benefits). Overall margins are...